WKYT | Lexington, Kentucky | News

Gov't may say recession over but not job losses

WASHINGTON (AP) - Economic numbers coming out in the next week or so are expected to make it technically official -- the recession is over, but not the pain.

This week, the government will be releasing figures expected to show the Gross Domestic Product growing at an annual rate of around 3 percent.

But next week, the government issues another set of numbers expected to show unemployment rising toward -- and possibly passing -- a clearly recessionary 10 percent.

Such seemingly contradictory assertions raise questions about economic scorekeeping.

For his part, economist James K. Galbraith says any real return to prosperity could be years away, when unemployment gets back around 4 percent.


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